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TikTok Removes Over 2.1 Million Videos in Nigeria in Q2 2024 – Report

TikTok Brand Value Hits $65.7 Billion in 2023, Surpasess Facebook, Instagram

…As User Base Spurs to 1.9 Billion

Over the past six years, TikTok’s user base has grown five times to over 1.9 billion. With users, revenue, and down­loads rising, TikTok has also become the world’s most valuable social media brand.

According to data presented by OnlyAccounts.io, TikTok’s brand val­ue hit $65,7 billion in 2023, or nearly $7 billion more than the social media giant Facebook and $18 billion more than Instagram.

Brand Finance analyzes 5 000 of the world’s biggest brands across all sectors and countries each year and ranks them in the annual Brand Fi­nance Media 50 ranking.

Last year, TikTok was the third largest social media brand in the world, behind Facebook and WeChat, worth $59,8 billion.

However, after its brand value in­creased 11% year-over-year to $65,7 billion, the Chinese short-form video platform jumped two spots and be­came the most valuable social media brand globally.

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While TikTok’s brand value contin­ued rising, the world’s largest social media platform, Facebook, saw its val­uation drop 41% year-over-year.

According to Brand Finance data, Facebook’s brand is now worth $58,9 billion, or $6,8 billion less than TikTok. Chinese social media app WeChat ranked third on this list, with a valu­ation of $50,2 billion, almost 20% less than last year.

Three spots below TikTok, Ins­tagram ranked as the fourth largest social media brand, worth $47,4 billion in 2023. YouTube and LinkedIn follow, with $29,7 billion and $15,5 billion, re­spectively. The Brand Finance survey also showed Twitter’s brand value has plunged 32% since Musk’s takeover and now stands at only $5,5 billion.

Besides outgrowing much bigger competitors like Facebook, TikTok also won the title of the fastest-grow­ing media brand out there. In just three years, the brand value of the video-sharing app has surged by an impressive 250%.

About Bukola Olanrewaju

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